Steve Easterbrook named new McDonald's boss
British-born Steve Easterbrook has been named as the new president and chief executive of burger chain McDonald's global business.
Easterbrook is set to succeed Don Thompson, who will step down in March after two and a half years in the job, and 25 years with the company.
The announcement follows a string of trading updates revealing disappointing results for the global business. Most recently, McDonald's reported Q4 revenue of $1.1b (£0.7b), a sizeable 21% year-on-year slump. It was the fifth time the company had revealed a fall in sales.
Easterbrook assumes the top spot following a series of high-profile moves in recent years that included short stints in chief executive roles at Pizza Express and Wagamama.
He spent less than a year at both the pizza chain and the Japanese fast-casual group before returning to McDonald's in 2013, where Easterbrook had previously worked for 18 years, rising through the ranks to eventually become president of McDonald's Europe. His most recent role ahead of the new appointment was the company's chief brand officer.
Easterbrook is expected to be under pressure to reverse the fortunes of the business, particularly its valuable US market, which saw a 4.1% drop in sales, largely as a result of an increase in popularity of the fast-casual sector thanks to brands like Danny Meyer's Shake Shack and Steve Ells' Chipotle.
McDonald's announced its latest figures last week and said it expects the pressure on its profits will remain for several months while it reworks its menus in a bid to draw customers back to the brand.
Commenting on his new appointment, Easterbrook said: "I am honoured to lead this great brand, and am committed to working with our franchisees, suppliers and employees to drive forward our strategic business priorities to better serve our customers."
Steve Easterbrook leaves Wagamama to return to McDonald's >>